Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.043%

Price spread now: Perpl against Katana Perps+0.030%7-day average +0.050% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Katana Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.078%+$8 on $10k

Price spread, last 7 days+0.075%+$8 · spread now +0.030%, 7d avg +0.050%

Together, before fees+0.153%+ Points / potential airdropPerpl: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.021% cheaper against Katana Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.050%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.078%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps BTC-USD	86,578	0.0100	pay 0.0100% / 8h	0m 03s	$196K	$7.1M	50x
Short	Perpl BTC	86,603.6	0	get 0.0000% / 43m	39m 03s	$411K	$22.5M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Katana Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Katana PerpsbpFee PerplbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$20.96
Price spread: +0.030% → +0.050%: −$2.06
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$40.61
Costs to cover: 0.176%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Perpl: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Katana Perps no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Katana Perps and Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0118%	1h	86,570	−0.009%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,582	+0.005%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,652	+0.085%	$333K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,607.2	+0.034%	$8.4M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,609.7	+0.037%	$361K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,603.6	+0.030%	$411K	$22.5M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,612.4	+0.040%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,594.7	+0.019%	$502.3M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0027%	8h	86,599.6	+0.025%	$835.4M	$728.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0038%	1h	86,595	+0.020%	$6.6M	$145.6M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0045%	8h	86,582.1	+0.005%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0057%	8h	86,597	+0.022%	$152.3M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0058%	8h	86,593.6	+0.018%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,610.1	+0.037%	$17.0M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,596.9	+0.022%	$5.16B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,592	+0.016%	$9.45B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,591.7	+0.016%	$2.5M	$1.4M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,595.3	+0.020%	$5.88B	$10.83B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,605.1	+0.031%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,610.7	+0.038%	$23.8M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,596	+0.021%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USDlong	+0.0100%	8h	86,578	long leg	$196K	$7.1M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	86,630.1	+0.060%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,585.9	+0.009%	$22.0M	$234.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,675	+0.112%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,627.5	+0.057%	$41.2M	$538.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,595.3	+0.020%	$5.27B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,606.4	+0.033%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,605	+0.031%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,628.8	+0.059%	$7.0M	$96.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,593.6	+0.018%	$38.0M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,554.4	−0.027%	$157.4M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,559.4	−0.022%	$279.6M	$948.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,495.7	−0.095%	$217.1M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,582.7	+0.005%	$141.8M	$323.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,546	−0.037%	$30.7M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,638.3	+0.070%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,594	+0.018%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599.6	+0.025%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,591.9	+0.016%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,746.8	−0.960%	$139K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,627.4	+0.057%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,592.2	+0.016%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,597	+0.022%	$60.6M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,592.1	+0.016%	$2.30B	$969.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.145%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,580.5	+0.003%	$45.8M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,599.3	+0.025%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,623.9	+0.053%	$193.6M	$952.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,639	+0.070%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,568.1	−0.011%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,613.4	+0.041%	$717K	$8.1M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0189%	1h	86,641.8	+0.074%	$911.0M	$1.50B	50x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,600	+0.025%	$415.5M	$660.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0224%	1h	86,611.6	+0.039%	$14.9M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,626	+0.055%	$10.4M	$756.0M	6.4x	as long as short